On the evening of August 4th, mainland China listed securities firm Huaxin Securities disclosed the progress of its share repurchase, mistakenly writing the unit of cumulative repurchase amount as “ten thousand yuan” instead of just “yuan,” causing the announced amount to be amplified from the actual 84,167.9 million yuan to approximately 8,416.79 billion yuan, a difference of ten thousand times.
According to a report by “The Paper” on August 5th, the announcement released by Huaxin Securities on the evening of the 4th showed that as of the end of July 31st, the company’s “cumulative repurchase amount” was stated as “84,167,906.00 thousand yuan,” which is equivalent to approximately 8,416.79 billion yuan.
However, the same announcement text clearly stated that the cumulative transaction amount was “84,167,906.00 yuan,” with the two figures differing by ten thousand times.
On the 5th, Huaxin Securities issued a revised announcement, correcting the unit of the amount in the table from “ten thousand yuan” to just “yuan,” with the actual repurchase amount being approximately 8,416.79 million yuan, while the other content remained unchanged.
As of July 31st, the company had repurchased a total of 11.2384 million shares, accounting for 0.22% of the total share capital, at a trading price ranging from 7.37 yuan to 7.76 yuan per share. The company’s previously announced repurchase plan had a total amount ranging from 100 million yuan to 200 million yuan, with a maximum price of 14.90 yuan per share.
In response to media inquiries, Huaxin Securities only stated that the repurchase matters should be based on the company’s official announcements.
Huaxin Securities is a state-owned securities firm in Anhui Province, and it went public on the Shanghai Stock Exchange in 2016. As of the end of March this year, the company’s total assets amounted to 111.527 billion yuan, with owner’s equity attributable to the shareholders of the listed company at 26.38 billion yuan. Anhui State-Owned Capital Operation Holding Group and Anhui Publishing Group hold 24.18% and 11.33% of the company’s shares, respectively.
As a provincial listed securities firm with total assets exceeding one hundred billion yuan, the occurrence of a ten-thousandfold amount discrepancy in Huaxin Securities’ announcement has raised doubts from the public regarding its information disclosure and review mechanisms.
Tian Lihui, a finance professor at Nankai University, told “Epoch Weekly” that although this mistake can be considered as a basic clerical error, it exposed the ineffective internal control mechanism of the company in terms of information disclosure, which may lead to market misinterpretation and undermine investors’ trust in the rigorous governance of listed companies.
Investors in the Huaxin Securities’ stock forum commented: “Such a childish announcement” and “No one reviewed it.”
Similar errors have occurred before. In April 2024, Zhongyuan Union mistakenly wrote the repurchase amount from “50 million yuan to 100 million yuan” as “5,000 yuan to 10,000 yuan”; in April 2025, Wujin Stainless erroneously stated the cumulative repurchase amount of around 29.9214 million yuan as 2,992.14 billion yuan, and the 4.95 million shares were incorrectly written as 495 billion shares, both of which later necessitated correction announcements.